Bitcoin Surges to $38K, Crypto Market Gains $60 Billion in a Day

The crypto market has seen a significant boost, adding $60 billion in a single day, with Bitcoin leading the charge by soaring $3K to reach $38K.

Bitcoin's Resurgence to $38K

Bitcoin experienced a remarkable rebound, surging to $38,000, a level not seen in 18 months. Despite initial resistance from the bears causing a $2,000 dip, Bitcoin regained its momentum over the weekend, maintaining above $37,000. After facing a setback mid-week, with a drop to $35,000, Bitcoin swiftly recovered, adding $3,000 in less than a day to graze the $38,000 mark once more.

While Bitcoin has not yet firmly surpassed this level, remaining about $500 shy, its market cap has impressively grown by about $30 billion, now standing over $730 billion on CoinMarketCap (CMC).

Altcoins Register Positive Gains

In sync with Bitcoin’s volatile swings, the altcoin market has also seen significant activity. The larger-cap altcoins like ETH, BNB, XRP, TRX, LINK, and LTC have all posted gains up to 4%.

Ethereum, notably, has crossed the $2,000 threshold, while Binance Coin is trading above $250. More dramatic surges are observed in Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Avalanche stands out with a remarkable 27% daily increase, pushing its price well above $23.

The total cryptocurrency market capitalization has experienced a substantial boost, growing by over $60 billion overnight and nearing $1.45 trillion on CMC.